Economic Research Service Situation and Outlook Report OCS-18l December 13, 2018 Next release is January 15, 2019 Oil Crops Outlook Mark Ash Mariana Matias Brazil Soybean Exports Still Outpace U.S. Trade USDA left its 2018/19 forecasts of soybean exports and domestic crush unchanged this month at 1.9 billion and 2.08 billion bushels, respectively. The U.S. season-average price forecast for soybeans in 2018/19 was narrowed to $7.85-$9.35 per bushel from $7.60-$9.60 last month, while the expected price ranges for soybean meal and soybean oil were unchanged. As higher soybean yields in Brazil offset a lower area estimate, USDA raised its 2018/19 production forecast for the country this month by 1.5 million metric tons to a record 122 million. This month, USDA raised its forecast of 2018/19 soybean exports from Brazil by 4 million tons to 81 million. Brazil soybean exports benefit from the lack of a U.S. seasonal expansion Million metric tons 15 U.S. Brazil 10 5 0 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Sources: USDA, Foreign Agricultural Service, Global Agricultural Trade System and Brazil customs. Approved by USDA s World Agricultural Outlook Board
Domestic Outlook A Chance for Resumed China Sales Revives Soybean Prices In early December, soybean futures prices rallied above $9.00 per bushel for the first time since mid-october. The price gains were triggered by news from an international conference in Argentina that China informally agreed to soon purchase an unspecified amount of U.S. agricultural products in exchange for a deferral of further tariff increases on Chinese products. Since the bilateral China-U.S. talks, however, there has been no official announcement of a reduction in the tariff on U.S. soybeans. Without that assurance, privately owned importers cannot reliably secure a profitable crush margin using U.S. supplies. However, Governmentowned firms can import U.S. soybeans for the state reserve and get reimbursement of the tariff. By December 12, no new U.S. soybean sales to China had been realized (although some were recently ascribed to unknown destinations). Unless significant purchases emerge soon, the price rally could be shortlived. USDA left its 2018/19 forecasts of soybean exports and domestic crush unchanged this month at 1.9 billion and 2.08 billion bushels, respectively. The U.S. season-average price forecast for soybeans in 2018/19 was narrowed to $7.85-$9.35 per bushel from $7.60-$9.60 last month, while the expected price ranges for soybean meal and soybean oil were unchanged. Reduced Cottonseed Supplies Curb Expected Demand Throughout the Southeast, heavy rains this fall caused substantial damage to open cotton bolls. So, despite a larger sown area in 2018/19, a lower proportion was harvested. Nonetheless, the 2018/19 forecast of U.S. cottonseed production edged higher this month by 59,000 short tons to 5.86 million as a slightly better Texas crop more than offset further yield reductions for the Southeast. Lower yields and harvested area are forecast to reduce U.S. cottonseed production from the 6.4 million tons harvested in 2017/18. Delivery of new-crop supplies has been delayed by a slower than usual harvest. A smaller 2018/19 supply is forecast to restrict the crushing and feeding of cottonseed to 1.8 million tons and 3.7 million tons, respectively. 2
Decline in cottonseed supplies likely to curtail use 1,000 short tons 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Production Crush Feed & other Exports 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Sources: USDA, National Agricultural Service, Crop Production and Oilseed Crushings, Production, Consumption, and Stocks and Foreign Agricultural Service, Global Agricultural Trade System. 3
International Outlook Brazil Soybean Prospects Brighten This month, larger global soybean supplies are anticipated for 2018/19 as USDA raises its forecast of Brazil s soybean production by 1.5 million metric tons to a record 122 million. Soybeans were planted on less area than expected, so the area estimate is scaled back by 1.3 million hectares to 36.2 million. By December 1, less than 5 percent of the crop remained to be sown. While domestic soybean prices surged to an all-time high this year, production incentives were diluted by the Government s prior hike of the minimum freight rate for independent truckers, which is a major cost item for Brazilian farmers. Notwithstanding a more moderate expansion of soybean area, Brazil s 2018/19 crop should get a boost from an above-trend yield. Since October, nearly ideal growing conditions have been sustained throughout the country by above-average cumulative rainfall. Satellite data indicate that for many areas in Brazil, vegetation vigor is currently as good as or better than a year ago, when a record soybean yield was set. For the first 2 months of the 2018/19 marketing year, Brazil s October-November soybean exports totaled 10.4 million tons more than double the prior high of a year earlier. China accounted for more than 90 percent of the exports in this period. The outsized shipments from Brazil prompted USDA to raise its forecast of 2018/19 exports this month by 4 million tons to 81 million. Brazil s monthly soybean trade may wind down in December and January due to a depletion of old-crop stocks. But this could be a brief interlude before the brisk pace resumes with delivery of the expanded new-crop harvest. Some of those supplies could arrive sooner than usual as an expedited sowing campaign has advanced the crop s development. Argentine soybean planting for 2018/19 is proceeding well, too, with nearly half of the area sown by early December. A good start for the season was assured by abundant rainfall in mid- November, providing the adequate moisture that never quite materialized a year ago. Yet, unlike Brazil, Argentine soybean shipments for 2018/19 have not displayed any unusual strength. A restoration of Argentine soybean supplies is likely, but they will not be harvested for another 4 months. Even then, robust competition from Brazil may limit Argentine soybean exports for 2018/19 to 5 million tons, compared to the previous forecast of 8 million. At the same time, Argentine soybean exports lack any advantage over U.S. shipments in markets other than China. Global soybean stocks would continue to swell (to 115.3 million tons from 101.3 million in 2017/18) with a larger Argentine carryover. 4
Indian Rapeseed Planting Less Than Anticipated USDA lowered its forecast of global rapeseed production for 2018/19 this month by 700,000 tons to 70.2 million. Reductions in expected crops for India and Australia more than offset an upward revision (by 100,000 tons to 19.6 million) for the EU. Indian rapeseed production was forecast 500,000 tons lower to 6 million. Prior planting estimates for Indian rapeseed were anticipated to rise this year following an increase in its import tariffs for vegetable oil. But due to a lack of soil moisture for planting, the area sown is below earlier expectations. India conducts almost no international trade in rapeseed, so nearly all of the crop reduction would equate to lower domestic use. In Australia, the expected production of canola in 2018/19 is lowered by 300,000 tons this month to 2.3 million. If realized, it represents a 37-percent decline from the previous year s canola harvest and would be the country s smallest total since 2009/10. The crop reduction this month is primarily based on higher abandonment of sown area. Extreme drought and a late August frost slashed the 2018/19 harvested area estimate for canola by 400,000 hectares to 1.9 million. In New South Wales the worst hit production region more than half of the sown canola area was left unharvested. Shortages of forage supplies led farmers to graze cattle on the failed cropland. In contrast, conditions were far better in the State of Western Australia, where as much as 70 percent of the country s crop will be produced this year. The Australian production shortfall is expected to trim the country s share of global rapeseed exports to 2 million tons from 2.65 million in 2017/18. The EU is a top market for Australian exports, so EU rapeseed imports are seen 100,000 tons lower this month to 4.3 million. Growing Indonesian Palm Oil Surplus Weighs on Prices Indonesian palm oil production is forecast 1 million tons higher this month for both 2017/18 and 2018/19 to 39.5 million and 41.5 million tons, respectively. Two-thirds of the global gain in production this year is due to Indonesia. Prices at the main trading exchange for palm oil in Malaysia are down 24 percent from a year ago to a 3-year low. Despite the retreat in prices, export demand for Indonesian palm oil has been sluggish. Rising production and weak demand have led palm oil stocks in both Indonesia and Malaysia to accumulate to all-time highs. The Government of Indonesia is beginning to address the low prices for domestic palm oil producers. This month, the Indonesian export tax on crude palm oil is lowered from $50 per metric ton to zero equaling the Malaysian tax rate. 5
From now on, the levy will be adjusted based on a reference price for palm oil (an average for Indonesia, Malaysia, and Rotterdam). If the reference price (currently $549/MT) subsequently rises above $570/MT, the levy will be adjusted up to $10-$25/MT and to $20-$50/MT once prices exceed $619/MT. USDA raised its forecast of Indonesian palm oil exports for 2018/19 by 500,000 tons to 29 million. In contrast, Malaysian palm oil exports for 2018/19 are seen 300,000 tons lower to 17.6 million. High global stocks pressure palm oil prices toward a decade-low level $/Metric ton 1,500 1,000 Refined, bleached, deodorized palm oil FOB Malaysia 500 0 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Source: USDA, Foreign Agricultural Service, Oilseeds: World Markets and Trade. Revenues from the Indonesian export tax have been used to subsidize use of palm oil for the domestic production of biodiesel. The lower prices for palm oil mean that even more biodiesel use can be supported. Buoyed by the expanding production of palm oil, Indonesia s domestic consumption for industrial use is expected to rise to 5.7 million tons, compared with 5 million in 2017/18. However, this growth in use may only temper the increase in Indonesian seasonending palm oil stocks. 6
Table 1--Soybeans: Annual U.S. supply and disappearance Area Yield Supply Use Year beginning Planted Harvested Beginning Crush Seed & Ending September 1 stocks Production Imports Total residual Exports Total stocks Million acres Bu./acre --------------------------------------------------Million bushels-------------------------------------------------- 2016/17 1 83.4 82.7 52.0 197 4,296 22 4,515 1,901 146 2,166 4,214 302 2017/18 1 90.1 89.5 49.3 302 4,411 22 4,734 2,055 112 2,129 4,296 438 2018/19 2 89.1 88.3 52.1 438 4,600 25 5,063 2,080 128 1,900 4,108 955 Soybeans: Quarterly U.S. supply and disappearance 2017/18 September 1.4 145.4 164.1 October 2.8 175.9 354.4 November 1.4 173.3 337.6 September-November 301.6 4,410.7 5.6 4,717.9 494.6 206.4 856.1 1,557.2 3,160.7 December 2.3 176.3 228.6 January 1.5 174.7 211.7 February 1.2 165.0 154.8 December-February 3,160.7 5.0 3,165.7 516.0-54.8 595.2 1,056.3 2,109.3 March 2.1 182.2 119.0 April 2.4 171.6 79.6 May 1.9 172.5 109.9 March-May 2,109.3 6.4 2,115.7 526.3 61.6 308.5 896.4 1,219.3 June 1.9 169.6 119.6 July 2.2 178.9 125.9 August 0.8 169.6 123.7 June-August 1,219.3 4.8 1,224.1 518.1-101.3 369.3 786.0 438.1 Total 4,410.7 21.8 4,734.1 2,054.9 112.0 2,129.1 4,296.0 2018/19 September 438.1 4,689.6 1.0 5,128.8 169.3 119.0 October 0.8 183.0 205.0 Total to date 4,689.6 1.8 5,129.5 352.2 324.0 1 Estimated. 2 Forecast. Note: 1 metric ton equals 36.744 bushels and 1 acre equals 2.471 hectares. Sources: USDA, National Agricultural Statistics Service, Crop Production and Grain Stocks and U.S. Department of Commerce, U.S. Census Bureau, Foreign Trade Statistics. Last update: 12/12/2018 7
Table 2--Soybean meal: U.S. supply and disappearance Supply Disappearance Year beginning Beginning Ending October 1 stocks Production Imports Total Domestic Exports Total stocks -------------------------------------------- 1,000 short tons-------------------------------------------- 2016/17 1 264 44,787 350 45,400 33,420 11,580 45,000 401 2017/18 1 401 49,216 495 50,112 34,733 14,826 49,559 553 2018/19 2 553 49,147 350 50,050 35,850 13,750 49,600 450 2017/18 October 400.6 4,123.8 29.5 4,554.0 3,378.7 782.0 4,160.7 393.3 November 393.3 4,101.7 34.4 4,529.4 3,025.7 1,114.5 4,140.3 389.1 December 389.1 4,173.0 32.3 4,594.4 2,850.6 1,188.9 4,039.5 554.9 January 554.9 4,128.3 47.4 4,730.6 3,137.9 1,182.7 4,320.6 410.0 February 410.0 3,899.6 48.2 4,357.7 2,658.7 1,243.3 3,901.9 455.8 March 455.8 4,306.5 56.8 4,819.1 2,860.1 1,414.8 4,274.9 544.2 April 544.2 4,079.9 40.1 4,664.2 2,883.7 1,328.4 4,212.1 452.1 May 452.1 4,109.3 44.4 4,605.8 2,837.7 1,335.0 4,172.7 433.1 June 433.1 4,032.3 42.6 4,508.1 2,631.8 1,477.7 4,109.5 398.5 July 398.5 4,244.7 39.9 4,683.1 2,917.2 1,253.5 4,170.7 512.4 August 512.4 4,030.8 45.6 4,588.8 2,843.6 1,344.2 4,187.8 401.1 September 401.1 3,985.9 33.9 4,420.8 2,707.3 1,160.6 3,868.0 552.9 Total 49,215.8 495.1 50,111.6 34,733.1 14,825.6 49,558.7 2018/19 October 552.9 4,277.8 10.5 4,841.1 3,290.7 1,107.6 4,398.4 442.7 1 Estimated. 2 Forecast. Note: 1 metric ton equals 1.10231 short tons. Source: USDA, World Agricultural Outlook Board, World Agricultural Supply and Demand Estimates. Last update: 12/12/2018 8
Table 3--Soybean oil: U.S. supply and disappearance Supply Disappearance Year beginning Beginning Production Imports Total Domestic Exports Total Ending October 1 stocks Total Biodiesel Food & Other stocks Million pounds 2016/17 1 1,687 22,123 319 24,129 19,862 6,200 13,662 2,556 22,418 1,711 2017/18 1 1,711 23,767 335 25,814 21,376 7,134 14,243 2,447 23,824 1,990 2018/19 2 1,990 24,025 300 26,315 22,200 7,800 14,400 2,200 24,400 1,915 2017/18 October 1,711.0 2,016.9 32.2 3,760.0 1,921.2 577.4 1,343.7 212.6 2,133.8 1,626.2 November 1,626.2 1,977.0 22.0 3,625.3 1,802.5 590.8 1,211.7 132.1 1,934.7 1,690.6 December 1,690.6 2,015.3 31.2 3,737.0 1,613.4 594.0 1,019.5 172.9 1,786.4 1,950.7 January 1,950.7 1,995.6 22.1 3,968.4 1,547.9 462.1 1,085.8 180.7 1,728.6 2,239.8 February 2,239.8 1,889.8 41.1 4,170.8 1,564.3 495.6 1,068.7 181.1 1,745.4 2,425.4 March 2,425.4 2,079.1 21.1 4,525.6 1,879.6 624.2 1,255.4 201.5 2,081.1 2,444.5 April 2,444.5 1,964.9 28.7 4,438.1 1,537.0 519.6 1,017.4 212.3 1,749.3 2,688.8 May 2,688.8 1,966.5 34.1 4,689.4 1,883.9 581.3 1,302.6 431.4 2,315.3 2,374.1 June 2,374.1 1,936.9 31.8 4,342.7 1,809.6 623.6 1,186.0 228.3 2,037.9 2,304.8 July 2,304.8 2,043.3 32.7 4,380.8 1,822.5 671.3 1,151.2 174.7 1,997.2 2,383.6 August 2,383.6 1,945.0 23.7 4,352.3 1,939.9 705.1 1,234.8 197.6 2,137.5 2,214.8 September 2,214.8 1,936.9 14.7 4,166.4 2,054.6 688.7 1,365.9 121.7 2,176.3 1,990.0 Total 23,767.2 335.4 25,813.6 21,376.4 7,133.7 14,242.7 2,447.1 23,823.5 2018/19 October 1,711.0 2,127.9 35.4 3,874.3 1,686.7 NA NA 146.1 1,832.8 2,041.4 1 Estimated. 2 Forecast. Note: 1 metric ton equals 2,204.622 pounds. NA: Not available. Source: USDA, World Agricultural Outlook Board, World Agricultural Supply and Demand Estimates. Last update: 12/12/2018 9
Table 4--Cottonseed: U.S. supply and disappearance Supply Disappearance Year beginning Beginning Ending August 1 stocks Production Imports Total Crush Exports Other Total stocks 1,000 short tons 2016/17 1 391 5,369 51 5,811 1,769 342 3,300 5,411 400 2017/18 2 400 6,422 0 6,822 1,854 478 4,040 6,372 450 2018/19 2 450 5,858 0 6,308 1,800 425 3,683 5,908 400 1 Estimated. 2 Forecast. Sources: USDA, National Agricultural Statistics Service, Crop Production and U.S. Department of Commerce, U.S. Census Bureau, Foreign Trade Statistics. Table 5--Cottonseed meal: U.S. supply and disappearance Supply Disappearance Year beginning Beginning Ending October 1 stocks Production Imports Total Domestic Exports Total stocks 1,000 short tons 2016/17 1 20 805 0 825 687 110 797 28 2017/18 2 28 845 0 873 713 119 833 40 2018/19 2 40 810 0 850 700 110 810 40 1 Estimated. 2 Forecast. Source: USDA, Foreign Agricultural Service, PS&D Online. Table 6--Cottonseed oil: U.S. supply and disappearance Supply Disappearance Year beginning Beginning Ending October 1 stocks Production Imports Total Domestic Exports Total stocks Million pounds 2016/17 1 42 542 0 583 435 104 539 44 2017/18 2 44 561 0 606 463 111 574 32 2018/19 2 32 560 1 593 461 100 561 32 1 Estimated. 2 Forecast. Source: USDA, Foreign Agricultural Service, Production, Supply, and Distribution Online. Table 7--Peanuts: U.S. supply and disappearance Area Yield Supply Disappearance Year beginning Planted Harvested Beginning Domestic Seed and Ending August 1 stocks Production Imports Total food Crush residual Exports Total stocks 1,000 acres Pounds/acre Million pounds 2016/17 1 1,671 1,536 3,634 1,791 5,582 162 7,534 3,086 880 799 1,328 6,093 1,442 2017/18 1 1,872 1,776 4,007 1,442 7,115 171 8,728 3,142 705 892 1,273 6,011 2,717 2018/19 2 1,427 1,346 4,066 2,717 5,471 75 8,263 3,233 766 719 1,200 5,918 2,345 1 Estimated. 2 Forecast. Sources: USDA, National Agricultural Statistics Service, Crop Production and Peanut Stocks and Processing, and U.S. Department of Commerce, U.S. Census Bureau, Foreign Trade Statistics. Last update: 12/12/2018 10
Table 8--Oilseed prices received by U.S. farmers Marketing Soybeans 1 Cottonseed 2 Sunflowerseed 1 Canola 1 Peanuts 2 Flaxseed 3 year $/bushel $/short ton $/cwt $/cwt. Cents/pound $/bushel 2008/09 9.97 223.00 21.80 18.70 23.00 12.70 2009/10 9.59 158.00 15.10 16.20 21.70 8.15 2010/11 11.30 161.00 23.30 19.30 22.50 12.20 2011/12 12.50 260.00 29.10 24.00 31.80 13.90 2012/13 14.40 252.00 25.40 26.50 30.10 13.80 2013/14 13.00 246.00 21.40 20.60 24.90 13.80 2014/15 10.10 194.00 21.70 16.90 22.00 11.80 2015/16 8.95 227.00 19.60 15.60 19.30 8.95 2016/17 9.47 195.00 17.40 16.60 19.70 8.00 2017/18 9.33 142.00 17.20 17.50 22.90 9.53 2018/19 1 7.85-9.35 121-161 15.65-18.15 15.10-17.60 20.25-22.75 8.75-10.25 2017/18 September 9.35 127.00 17.40 17.30 23.00 9.56 October 9.18 141.00 16.80 16.60 23.20 9.23 November 9.22 144.00 16.60 17.20 22.70 9.21 December 9.30 143.00 17.00 16.70 23.00 9.34 January 9.30 139.00 17.60 17.70 22.90 9.40 February 9.50 156.00 17.70 18.30 22.70 10.00 March 9.81 NA 17.30 18.20 24.40 9.76 April 9.85 NA 18.00 17.50 23.30 9.92 May 9.84 NA 17.90 18.50 22.70 10.10 June 9.55 NA 17.70 17.20 22.70 10.00 July 9.08 NA 17.40 17.10 22.40 9.96 August 8.59 134.00 16.90 15.30 22.00 10.20 2018/19 September 8.77 141.00 16.70 15.20 22.20 9.79 October 8.58 146.00 16.70 15.60 22.10 9.79 1 September-August. 2 August-July. 3 July-June. NA = Not available. cwt=hundredweight. Source: USDA, National Agricultural Statistics Service, Agricultural Prices. Last update: 12/12/2018 11
Table 9--U.S. vegetable oil and fats prices Marketing Soybean CottonseedSunflowerseed Canola Peanut Corn Lard 6 Edible year oil 2 oil 3 oil 4 oil 4 oil 5 oil 6 tallow 6 ------------------------------------------------------- Cents/ pound---------------------------------------------- 2008/09 32.16 37.10 50.24 39.54 78.49 32.75 26.72 25.47 2009/10 35.95 40.27 52.80 42.88 59.62 39.29 31.99 32.26 2010/11 53.20 54.50 86.12 58.68 77.24 60.76 51.52 51.34 2011/12 51.90 53.22 83.20 57.19 100.15 56.09 48.11 50.33 2012/13 47.13 48.60 65.87 56.17 91.83 46.66 51.80 43.24 2013/14 38.23 60.66 59.12 43.70 68.23 39.43 43.93 39.76 2014/15 31.60 45.74 66.72 37.81 57.96 37.48 33.43 31.36 2015/16 29.86 45.87 57.81 35.27 58.26 39.25 32.23 30.07 2016/17 32.55 40.92 53.54 38.73 66.73 37.43 33.07 34.75 2017/18 1 30.04 31.87 54.57 38.27 66.72 30.35 34.16 31.21 2018/19 1 28.0-32.0 31.0-35.0 53.0-57.0 38.0-42.0 65.5-69.5 26.5-30.5 32.0-36.0 30.5-34.5 2017/18 October 32.35 37.06 56.00 39.06 65.44 34.96 36.00 32.06 November 33.43 37.00 55.50 39.69 65.00 34.46 38.17 33.44 December 32.27 34.25 54.80 38.65 65.20 33.96 37.00 31.63 January 31.61 32.75 55.50 38.31 66.13 30.68 32.08 NA February 30.63 31.44 55.00 37.44 66.63 29.72 32.20 31.00 March 30.28 31.35 54.00 37.10 67.00 29.66 NA NA April 29.70 31.19 54.00 37.31 66.88 29.50 NA 29.50 May 29.40 31.25 54.00 38.25 66.50 29.65 NA 29.00 June 28.30 29.90 54.00 37.75 67.70 29.54 32.50 30.00 July 27.21 28.75 54.00 38.69 68.00 28.76 NA 32.47 August 27.60 28.60 54.00 38.75 68.00 26.80 32.38 32.00 September 27.73 28.88 54.00 38.19 67.63 26.46 32.93 31.00 2018/19 October 28.89 30.56 54.00 38.94 66.63 27.18 33.00 31.29 November 27.49 31.45 52.80 37.45 64.80 26.37 34.33 33.56 1 Preliminary. 2 Decatur, IL. 3 Prime bleached summer yellow, Greenwood, MS. 4 Midwest. 5 Southeast mills. 6 Chicago. NA = Not available. Sources: USDA, Agricultural Marketing Service, Monthly Feedstuff Prices and Milling and Baking News. Last update: 12/12/2018 12
Table 10--U.S. oilseed meal prices Marketing Soybean Cottonseed Sunflowerseed Peanut Canola Linseed year meal 2 meal 3 meal 4 meal 5 meal 6 meal 7 --------------------------------------------------- $/short ton------------------------------------------ 2008/09 331.17 255.23 152.46 NA 248.82 220.89 2009/10 311.27 220.90 151.04 NA 224.92 209.23 2010/11 345.52 273.84 219.72 NA 263.63 240.65 2011/12 393.53 275.13 246.75 NA 307.59 265.68 2012/13 468.11 331.52 241.57 NA 354.22 329.31 2013/14 489.94 377.71 238.87 NA 359.70 337.23 2014/15 368.49 304.27 209.97 NA 301.20 256.58 2015/16 324.56 261.19 153.17 NA 262.20 260.23 2016/17 316.88 208.61 145.10 NA 267.94 282.49 2017/18 1 345.02 260.88 173.53 NA 291.15 239.15 2018/19 1 290-330 220-260 145-185 NA 255-295 195-235 2017/18 October 315.23 229.00 153.00 NA 257.73 214.00 November 313.52 228.75 165.00 NA 255.74 205.00 December 319.22 232.50 185.00 NA 266.53 209.17 January 322.60 259.00 178.00 NA 270.20 215.50 February 362.85 303.13 185.63 NA 315.95 233.13 March 379.85 323.13 187.50 NA 334.58 237.50 April 385.84 263.13 191.88 NA 332.16 238.13 May 393.55 262.50 201.50 NA 336.93 267.50 June 355.71 257.50 175.63 NA 302.75 271.25 July 341.08 253.13 155.50 NA 279.84 278.00 August 332.50 260.00 153.13 NA 274.55 265.63 September 318.32 258.75 150.63 NA 266.86 235.00 2018/19 October 319.15 249.00 164.00 NA 279.40 196.50 November 310.62 240.00 171.25 NA 279.05 209.38 1 Preliminary. 2 High-protein Decatur, IL. 3 41-percent Memphis. 4 34-percent North Dakota-Minnesota. 5 50-percent Southeast mills. 6 36-percent Pacific Northwest. 7 34-percent Minneapolis. NA= Not available. Source: USDA, Agricultural Marketing Service, Monthly Feedstuff Prices. Last update: 12/12/2018 13
Suggested Citation Mark Ash and Mariana Matias, Oil Crops Outlook, OCS-18l, U.S. Department of Agriculture, Economic Research Service, December 13, 2018 14
Contacts & Additional Information Contact E-mail Mark Ash (coordinator) (202) 694-5289 mash@ers.usda.gov Mariana Matias (202) 694-5280 Mariana.matias@ers.usda.gov Subscribe to ERS e-mail notification service at https://visitor.r20.constantcontact.com/manage/optin?v=001cpzxbn9fc9oqmiu-twkalc06vewbmy1q to receive timely notification of newsletter availability. Data Tables from the Oil Crops Yearbook are available in the Soybeans and Oil Crops Topics. They contain the latest data and historical information on the production, use, prices, imports, and exports of soybeans and oilseed products. Related Websites Oil Crops Outlook WASDE Soybeans and Oil Crops Topics E-mail Notification Readers of ERS outlook reports have two ways they can receive an e-mail notice about release of reports and associated data. Receive timely notification (soon after the report is posted on the web) via USDA s Economics, Statistics and Market Information System (which is housed at Cornell University s Mann Library). Go to http://usda.mannlib.cornell.edu/mannusda/aboutemailservice.do and follow the instructions to receive e-mail notices about ERS, Agricultural Marketing Service, National Agricultural Statistics Service, and World Agricultural Outlook Board products. Receive weekly notification (on Friday afternoon) via the ERS website. Go to http://www.ers.usda.gov/updates/and follow the instructions to receive notices about ERS outlook reports, Amber Waves magazine, and other reports and data products on specific topics. ERS also offers RSS (really simple syndication) feeds for all ERS products. Go to http://www.ers.usda.gov/rss/ to get started.